Texas investors appeal recently dismissed $7.2 billion Stanford Ponzi case against Proskauer law firm

NEW ORLEANS – Texas investors who for years have accused Proskauer Rose LLP of nurturing the $7.2 billion Robert Allen Stanford Ponzi scheme, appealed their case five days after it was dismissed by a federal judge who said the firm was entitled to attorney immunity.

Lead plaintiffs Sandra Dorrell and Philip Wilkinson filed their appeal Nov. 7 in the U.S. 5th Circuit Court of Appeals in New Orleans.

The appeal followed quickly on the heels of the case’s dismissal the previous Thursday, Nov. 2, in the Dallas Division of the Northern District of Texas, which rejected plaintiffs’ arguments that attorney immunity should not apply in their case against Proskauer Rose.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



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Antigua Gov’t and WICB move to buy Stanford Cricket Grounds

The government and the West Indies Cricket Board have partnered to purchase the Stanford Cricket Grounds and surrounding properties for US$7.5 million.

The joint venture, which will see the government owning 40 per cent of the shares to WICB’s 60 per cent stake, is expected to attract more premier sporting events.

Under the Memorandum of Understanding (MOU), a company called Coolidge Cricket Grounds Inc was formed and will jointly owned by the government and WICB.

Both entities under the MOU will acquire certain properties in Coolidge and Barnes Hill (four parcels of land), which were held by the disgraced investor R Allen Stanford, and which are in the hands of court-appointed liquidators. They include the Car Park, Sticky Wicket Restaurant and The Athletics Club.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Victims of Allen Stanford’s $7B Ponzi Scheme Will Wait Years to Be Repaid

A world-class fraudster’s elaborate spending proves difficult to unwind. 

At first glance, the effort to recover money for victims of Allen Stanford’s $7 billion Ponzi scheme looks a bit like Jarndyce and Jarndyce, the endless chancery court case satirized in Charles Dickens’ book, “Bleak House.” Stanford, you’ll recall, was convicted by a Houston jury in 2012 for swindling investors and sentenced to 110 years in prison.

Eight years into the case, with no end in sight, the receivership set up in Dallas federal court to unwind Stanford’s fraud has turned up only a small percentage of investors’ lost billions. Just as troubling, nearly half of what has been secured so far has gone to pay lawyers and accountants.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Stanford Receiver Renews Fight Over $88M Clawback Verdict

The court-appointed receiver handling the Ponzi implosion of Stanford International Bank asked a Texas federal judge on Thursday to overturn a jury’s decision keeping $88 million in Stanford cash in the hands of the cable and truck-racing magnate who received it shortly before Stanford collapsed.

Receiver Ralph Janvey filed a renewed motion for judgment as a matter of law, asking a judge to undo a jury verdict finding that Janvey cannot claw back the money from Gary Magness’ legal entities. Janvey told U.S. District Judge David Godbey there’s…

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Stanford Receiver Loses $88M Clawback Bid

A Texas federal judge shut down a post-verdict attempt to revive an $88 million clawback suit linked to the $7 billion Stanford Ponzi scheme on Thursday, saying there’s no justification for questioning the jury’s finding that no payback was required.

In the wake of its collapse, receiver Ralph Janvey sought to take back $88 million in loans that Colorado billionaire Gary Magness got out of R. Allen Stanford’s infamous scheme. But a jury found in January that the transfers were made in good faith, meaning Magness and…

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/